Liabilities / Assets
28th percentile
Higher debt load relative to assets than 28% of similar nonprofits.
Wake Christian Academy Inc.
990 • Fiscal year 2017 • EIN 56-0862396
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.07x
Liabilities / Revenue
33rd percentile
Higher debt load relative to revenue than 33% of similar nonprofits.
Net Margin
62nd percentile
Higher net margin than 62% of similar nonprofits.
Top Officer Pay
40th percentile
Higher top officer pay than 40% of similar nonprofits.
Top officer pay equals 1.5% of source-year revenue.
Asset Growth
39th percentile
Faster asset growth than 39% of similar nonprofits.
Revenue Growth
60th percentile
Faster revenue growth than 60% of similar nonprofits.
Balance Sheet
Assets
Up$8,616,119
Up $254,044 (+3.0%) from 2016
Net Assets
Up$7,973,644
Up $506,428 (+6.8%) from 2016
Liabilities
Down$642,475
Down $252,384 (-28%) from 2016
Revenue And Expenses
Revenue
Up$6,965,479
Up $615,567 (+9.7%) from 2016
Expenses
Up$6,459,051
Up $588,558 (+10%) from 2016
Net Income
Up$506,428
Up $27,009 (+5.6%) from 2016
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2016 to Jun 30, 2017
- Signed
- Feb 13, 2018
- Return Version
- 2016v3.1
- Gross Receipts
- $7,002,235
Mission and Program Overview
Mission
To partner with the christian home and church to provide a christ-centered, quality education and to proclaim the good news of jesus christ.
Wake christian academy, inc. Is a school whose mission is to partner with the christian home and the church to provide a christ-centered, quality education and to proclaim the good news of jesus christ.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Land, Buildings, and Equipment, Net | $4,710,313 | $4,713,473 | ▲ $3,160 |
| Savings and Temporary Cash Investments | $3,320,821 | $3,434,742 | ▲ $113,921 |
| Cash and Non-Interest-Bearing Accounts | $312,445 | $434,361 | ▲ $121,916 |
| Intangible Assets | $90 | $220 | ▲ $130 |
| Total Assets | $8,362,075 | $8,616,119 | ▲ $254,044 |
| Other Assets Total | $18,406 | $33,323 | ▲ $14,917 |
| Liabilities | |||
| Mortgage Notes Payable Secured by Investment Property | $797,153 | $555,799 | ▼ $241,354 |
| Other Liabilities | $97,706 | $86,676 | ▼ $11,030 |
| Total Liabilities | $894,859 | $642,475 | ▼ $252,384 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $7,417,216 | $7,923,644 | ▲ $506,428 |
| Permanently Rstr Net Assets | $50,000 | $50,000 | → $0 |
| Total Net Assets Fund Balance | $7,467,216 | $7,973,644 | ▲ $506,428 |
| Total Liabilities and Net Assets / Fund Balance | $8,362,075 | $8,616,119 | ▲ $254,044 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Buildings | $2,044,692 | $1,701,082 | $3,745,774 |
| Equipment | $698,751 | $1,584,895 | $2,283,646 |
| Other Land Buildings | $642,668 | $847,883 | $1,490,551 |
| Land | $1,327,362 | - | $1,327,362 |
Endowment Activity
| Period | Beginning | Contrib. | Gain/Loss | Other Uses | End |
|---|---|---|---|---|---|
| 2016 | $50,000 | - | ▲ $526 | $2,468 | $50,000 |
| 2015 | $50,000 | - | ▲ $399 | $1,942 | $50,000 |
| 2014 | $50,000 | - | ▲ $251 | $1,542 | $50,000 |
| 2013 | $50,000 | - | ▲ $196 | $1,292 | $50,000 |
| 2012 | $50,704 | - | ▲ $392 | $1,096 | $50,000 |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| William M Woods | Executive Se | FT | $98,830 | $8,982 | $107,812 |
Board Members and Trustees
| Name | Title |
|---|---|
| Carl Kiger | Chairman |
| Benny Tart | Director |
| Brent Gore | Director |
| Ed Chappell | Director |
| Greg Wallace | Director |
| James Cholerton | Director |
| Clayton Hemphill | 1st Vice CHA |
| Mark Swicegood | 2nd Vice CHA |
| Mike Larsen | Recording Se |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $229,683
- Program Service Revenue
- $6,664,617
- Investment Income
- $14,002
- Other Revenue
- $57,177
- All Other Contributions
- $229,683
- Change in Net Assets
- $506,428
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $3,964,855 |
| Other Expenses | $2,304,029 |
| Grants and Similar Amounts Paid | $190,167 |
| Total Fundraising Expense | $55,550 |
| Professional Fundraising Fees | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Salaries and Wages | $2,240,214 | $981,596 | $27,909 | $3,249,719 |
| All Other Expenses | $706,673 | $186,007 | $21,560 | $914,240 |
| Other Employee Benefits | $215,167 | $99,170 | $2,678 | $317,015 |
| Depreciation Depletion | $212,164 | $103,322 | - | $315,486 |
| Payroll Taxes | $156,545 | $76,242 | $1,948 | $234,735 |
| Grants to Domestic Individuals | $190,167 | - | - | $190,167 |
| Other Expenses | $119,323 | $58,109 | - | $177,432 |
| Current Officers, Directors, Trustees, and Key Employees | - | $124,969 | - | $124,969 |
| Insurance | $39,106 | $19,045 | $151 | $58,302 |
| Pension Plan Contributions | $27,861 | $10,209 | $347 | $38,417 |
| Office Expenses | $21,386 | $10,415 | - | $31,801 |
| Travel | $20,889 | $10,173 | - | $31,062 |
| Advertising | $19,250 | $9,374 | - | $28,624 |
| Interest | $22,440 | $4,768 | $842 | $28,050 |
| Conferences and Meetings | $15,741 | $7,666 | - | $23,407 |
| Fees for Services Accounting | $9,243 | $4,502 | $115 | $13,860 |
| Total Functional Expenses | $4,546,215 | $1,857,286 | $55,550 | $6,459,051 |
Fundraising, Events, and Gaming
- Fundraising activities
- Yes
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Fundraising Gross Income | $68,708 |
| Fundraising Direct Expenses | $32,016 |
| Professional Fundraising Fees | $0 |
Fundraising Events
| Event | Gross Receipts | Gross Revenue | Direct Expenses | Net Income |
|---|---|---|---|---|
| Auction | $24,201 | $24,201 | $3,215 | $20,986 |
| Super Saturday | $22,610 | $22,610 | $15,799 | $6,811 |
| Total Events | $68,708 | $68,708 | $32,016 | $36,692 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Credit Card and Other Payable | $51,234 |
| Obligations Under Capital Leases | $18,151 |
| 403 B Withholding Payable | $17,191 |
| Security Deposits | $100 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- Yes
- Annual disclosure for covered persons
- Yes
- Audit committee
- Yes
- Backup withholding compliance
- Yes
- Business relationship with family members
- No
- Business relationship with organization members
- No
- Material changes to governing documents
- No
- Compensation from other sources disclosed
- No
- CEO compensation reviewed
- Yes
- Other officer compensation reviewed
- Yes
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- No
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Governance Explanations
Form 990, Page 6, Part VI, Line 11B
“The form 990 is presented at a board meeting and is made a part of the minutes.”
Form 990, Page 6, Part VI, Line 12C
“Members with conflicts are not allowed to vote on any issue that is subject to a conflict. The board and administration review the conflict of interest statements.”
Form 990, Page 6, Part VI, Line 15A
“The administrators' salary is reviewed and set by the board of directors”
Form 990, Page 6, Part VI, Line 15B
“Salaries for these employees are presented for review by the board. The board follows the guidelines that are set each year as a part of the forecast/tuition setting process. The board also reviews and compares to wake county teacher salary scales each year.”
Form 990, Page 6, Part VI, Line 19
“The organization's parent/student handbook is available on the school's website and parents and students are supposed to read it and remit a signed form each year acknowledging they did so. Other information is not posted for the public.”
Filing and Contact Details
Filer
- Filer Name
- Wake Christian Academy Inc
- EIN
- 56-0862396
- Phone
- 9197726264
- Address
- 5500 WAKE ACADEMY DRIVE, RALEIGH, NC 27603
Signing Officer
- Name
- Carl Kiger
- Title
- Chairman
- Phone
- 9193340990
- Signed
- 2018-02-13
Organization Details
- Principal Officer
- William M Woods
- Formed
- 1966
- Legal Domicile
- Nc
- Voting Board Members
- 9
- Independent Board Members
- 9
- Employees
- 212
- Volunteers
- 200
Preparer
- Firm
- James a Lucas and Company Llp
- Address
- 4909 WESTERN BLVD STE 200, RALEIGH, NC 27606-1749
- Preparer
- Joellen H Wilkes
- Phone
- 9198514696
Supplemental Narrative
Additional Explanations
Form 990, Part IX, Line 24E
“Computer services and sup 115,748 56,368 0 athletics 117,028 0 0 contract labor 65,942 32,113 0 janitorial service and su 69,905 14,855 2,621 yearbook 73,903 0 0 class activities 44,909 0 0 dues and subscriptions 23,896 11,637 0 automobile expenses 25,830 0 0 equipment rental 16,564 8,066 0 fees paid 0 23,325 0 bad debt expense 21,617 0 0 missions 21,139 0 0 fundraising expenses 0 0 18,939 education and tuition ben 18,896 0 0 testing 17,628 0 0 payroll processing fees 11,720 5,708 0 gifts and goodwill 8,599 4,188 0 administrative fees 0 11,454 0 snack bar 7,526 3,665 0 awards 10,874 0 0 academic competitions 8,116 0 0 taxes and licenses 5,053 2,461 0 bank service charges 0 7,222 0 camps 6,286 0 0 professional fees 2,519 1,227 0 banquet 3,472 0 0 library books and supplie 3,092 0 0 miscellaneous expense 0 2,721 0 consulting 1,599 779 0 student council program 1,959 0 0 chapel expense 1,255 0 0 contributions 1,150 0 0 training 298 145 0 amortization 81 39 0 entertainment and meals 69 34 0 total 706,673 186,007 21,560”
Financial Statement Notes
Schedule D, Page 3, Part X
“Management has evaluated the effect of the guidance provided by u.s. Generally accepted accounting principles on accounting for uncertainty in income taxes. The organization's policy is to record a liability for any tax position taken that is beneficial to the organization, including any related interest and penalties, when it is more likely than not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes that the organization continues to satisfy the requirements of a tax-exempt organization at june 30, 2017. Management has evaluated all other tax positions that could have a significant affect on the financial statements and determinied the organization had no uncertain income tax positions at june 30, 2017 and, accordingly, no liability has been accrued.”
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